HomeMy WebLinkAboutProperty - Deeds/Titles - 11/13/2007, Deed of Trust, correcting an error in the Legal description wherin it made reference to 1111Pri F. ANN RODRIGUEZ, RECORDER DOCKET: 13180
{
RECORDED BY..
M S PAGE: 3387
g"\DEPUTY RE CORDERNO. OF PAGES: 8
4 1966 PE 1 SEQUENCE: 20072190711
TFATI W . ,
Z I 11/13/2007
TOWN OF ORO VALLEY ° •E
l_. .41 18:00
11000 N LA CANADA DR 4 1 Q
O14,•
ORO VALLEY AZ 85737 MAIL
AMOUNT PAID $ 13.00
11000 N.LA CANADA DR
ORO VALLEY AZ 85737
Attn: Legal Department do Joseph Andrews
(Exempt B-2)
CAPTION HEADING: DEED OF TRUST
THIS INSTRUMENT IS BEING RE-RECORDED TO CORRECT AN ERROR IN THE LEGAL
DESCRIPTION WHEREIN IT MADE REFERENCE TO "LOT 68" WHICH SHOULD HAVE
BEEN "LOT 471.THE LEGAL DESCRIPTION FOR THIS INSTRUMENT IS CORRECTED TO
READ AS FOLLOW:
"Lot 471,of Stone Canyon VII,Rancho Vistoso Neighborhood 11, according to the plat of record
in the office of the County Recorder of Pima County,Arizona,recorded in Book 61 of Maps,Page
15."
11,
•r
rIl
d►'1
PAID AUGAU�
Z007
QA‹ 4-)s-36.6_ci (23
343-9
-
F. ANN RODRIGUEZ, RECORDER DOCKET: 12958
RECORDED BY: BMV PAGE: 1422
/ uF PIA.-
' RECORDER y NO. OF PAGES: 7
ifY O SEQUENCE: 20062470235
>.985 PE5 � o? r m� r
TFATI
W '_.'P - �:4
12/26/2006
0�' ...���� 4., DOTASR7 15:3 0
TOWN OF ORO V LEY ,N,
11000 N LA NADA DR 4-zro`it*
ORO VALLEY AZ 85737 MAIL
AMOUNT PAID $ 12.00
__J
►.... �.v� v++ _.mow. vva.i iL�\/LLA. LL Z V�,
Oro Valley, Arizona 85737
Attn: Legal Department c/o Joseph Andrews
DEED OF TRUST AND ASSIGNMENT OF RENTS
Dated: December 12 , 2006
Trustor: STONE CANYON, L.L.C. , an Arizona limited
liability company
Mailing Address : 1121 West Warner Road, Suite 109
Tempe, Arizona 85284
Beneficiary: The Town of Oro Valley
Mailing Address : 11000 North La Canada Drive,
Oro Valley, Arizona 85737
Trustee: First American Title Insurance Company
Mailing Address : 1880 East River Road, Suite 120
Tucson, Arizona 85718 1Property in Pima County, State of Arizona, described as follows H
(hereinafter referred to as the "property" or "said property") :
Lot 68, of Stone Canyon VII, Rancho Vistoso Neighborhood 11, a,
according to the plat of record in the office of the County
Recorder of Pima County, Arizona, recorded in Book 61 of .'
Maps, Page 15.
This Deed of Trust, made on the above date between the Trustor,
Trustee and Beneficiary above named.
WITNESSETH: That Trustor irrevocably grants and conveys to
Trustee in Trust, with Power of Sale, the above described real N7
,.
property and all buildings, improvements and fixtures located '�
thereon or hereafter erected thereon, together with leases,
rents, issues, profits, or income thereof (all of which are
hereinafter called "property income" ) ; SUBJECT HOWEVER, to the
right, power, and authority hereinafter given to and conferred ,°
upon Beneficiary to collect and apply such property income; AND
SUBJECT TO existing taxes, assessments, liens, encumbrances,
1 •
•
covenants, conditions, restrictions, rights of way, and easements
of record.
FOR THE PURPOSE OF SECURING:
A. Performance of each agreement covenant and of Trustor herein
contained.
B. Payment of the indebtedness evidenced by promissory note or
notes of even date herewith, and any extension or renewal
thereof, in the principal sum of $880, 000 . 00 executed by
Trustor in favor of Beneficiary or order, and interest as
specified therein ( "Note" ) .
C. This deed of trust is 1 of 88 deeds of trust to be executed
by Trustor in favor of Beneficiary or order, and interest as
specified therein Note.
TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR AGREES:
1 . To keep said property in good condition and repair; not to
remove or demolish any building thereon; to complete or
restore promptly and in good and workmanlike manner any
building which may be constructed, damaged, or destroyed
thereon, and to pay when due all claims for labor performed
and materials furnished therefor; to comply with all laws
affecting said property or requiring any alterations or
improvements to be made thereon; not to commit or permit
waste thereof; not to commit, suffer, or permit any act upon
said property in violation of law; and do all other acts
which from the character or use of said property may be
reasonably necessary, the specific enumerations herein not
excluding the general .
' '
2 . To provide, maintain, and deliver to Beneficiary fire P:„
insurance and other casualty policies satisfactory to and '!
with loss payable to Beneficiary, if required by
Beneficiary. The amount collected under any fire or other
insurance policy may be applied by Beneficiary a
upon ny
.��
�
p
indebtedness and other obligations secured hereby andin
such order as Beneficiary may determine, or at option of
Beneficiary the entire amount so collected or any part
thereof may be released to Trustor. Such application or
release shall not cure or waive any default or notice of
Trustee' s sale hereunder or invalidate anyact done pursuant
I�
to such notice.
aq
3 . To appear in and defend any action or proceeding purporting
to affect the security hereof or the rights or powers of
Beneficiary or Trustee; and to pay all costs and expenses of •
Beneficiary and Trustee, including cost of evidence of title
and attorneys' fees in a reasonable sum, in any such action
or proceeding in which Beneficiary or Trustee may appear or
be named, and in any suit brought by Beneficiary or Trustee
to foreclose this Deed of Trust.
Deed of Trust and Assignment of Rents Page 2
4 . To pay before delinquent, all taxes and assessments
affecting said property; when due, all encumbrances,
charges, and liens, with interest, on said property or any
part thereof, which appear to be prior or superior hereto;
all costs, fees, and expenses of the Trust, including,
without limiting the generality of the foregoing, the fees
of Trustee for issuance of any deed of partial release and
partial reconveyance, or deed of release and full
reconveyance, and all lawful charges, costs, and expenses in
the event of reinstatement of, following default in, this
Deed of Trust or the obligations secured hereby.
Should Trustor fail to make any payment or to do any act as
herein provided, then Beneficiary or Trustee, but without
obligation so to do and without notice to or demand upon
Trustor and without releasing Trustor from any obligation
hereof, may make or do the same in such manner and to such
extent as either may deem necessary to protect the security
hereof, Beneficiary or Trustee being authorized to enter
upon said property for such purposes; appear in and defend
any action or proceeding purporting to affect the security •
hereof or the rights or powers of Beneficiary or Trustee;
pay, purchase, contest, or compromise any encumbrance,
charge, or lien which in the judgment of either appears to
be prior or superior hereto; and, in exercising any such
power, pay necessary expenses, employ counsel, and pay his
reasonable fees .
5 . To pay immediately and without demand all sums expended by
Beneficiary or Trustee pursuant to the provisions hereof,
together with interest from date of expenditure at the
default rate of interest under the Note. Any amounts so paid
byBeneficiaryor Trustee shall become apart of the , ,
F
obligations secured by this Deed of Trust and a lien on said 1
premises . 6
IT IS MUTUALLY AGREED:
pq;
Thataward any awa d of damages in connection with any
condemnation or any such taking, or for injury to said
property by reason of public use, or for damages for private
trespass or injury thereto, is assigned and shall be paid to
Beneficiary as further security for all obligations secured
hereby (reserving unto the Trustor, however, the right to
sue therefor and the ownership thereof subject to this Deed
of Trust) , and upon receipt of such moneys Beneficiary may
hold the same as such further security, or apply or release
the same in the same manner and with the same effect as the
above provided or disposition of proceeds of fire or other
insurance.
�4
7 . That time is of the essence of this Deed of Trust, and that 4
by accepting payment of any sum or performance secured
hereby after its due date, Beneficiary does not waive his
right either to require prompt payment when due of all other
Deed of Trust and Assignment of Rents Page 3
r 1 +
sums so secured or to declare default for failure so to pay
or perform.
8 . That at any time or from time to time, and without notice,
upon written request of Beneficiary, and without liability
therefor, and without affecting the personal liability of
any person for payment or performance of the indebtedness or
obligations secured hereby, and without affecting the
security hereof for the full amount secured hereby on all
said property remaining subject hereto, and without the
necessity that any sum representing the value or any portion
thereof of said property affected by the Trustee' s action be
credited on the indebtedness or other obligations secured
hereby, the Trustee may: (a) release and reconvey all or any
part of said property; (b) consent to the making and
recording, or either, of any map or plat of said property or
any part thereof, (c) join in granting any easement thereon;
(d) join in or consent to any extension agreement or any
agreement subordinating the lien, encumbrance, or charge
hereof.
9 . That upon written request of Beneficiary stating that all
sums and obligations secured hereby have been paid, observed
and performed, and upon surrender of this Deed of Trust to
Trustee for cancellation and retention, and upon payment of
its fees, Trustee shall release and reconvey, without
covenant or warranty, express or implied, said property then
held hereunder. The recitals in such reconveyance of any
matters or facts shall be conclusive proof of the
truthfulness thereof. The Grantee in such reconveyance may
be described as "the person or persons legally entitled
thereto. "
10 . That as additional security, Trustor hereby gives to and
confers upon Beneficiary ,4d
pr
the right, power, and authority, q
during the continuance of this Trust, to collect the
property income, reserving to Trustor the right, prior to
any default by Trustor in payment of any indebtedness or
performance of any obligation secured hereby or in '
performance of any agreement hereunder, to collect and
retain such property income as it becomes due and payable.
Upon any such default, Beneficiary may at any time, without
notice, either in person, by agent, or by a receiver to be
appointed by a court, and without regard to the adequacy of
anysecurityfor the indebtedness or other obligations
/11.
hereby secured, enter upon and take possession of said
property or any part thereof, in his own name sue for or
otherwise collect such property income, including that past
due and unpaid, and apply the same, less costs and expenses 3
of operation and collection, including reasonable attorneys'
fees, upon any indebtedness or other obligations secured
hereby, and in such order as Beneficiary may determine. The
entering upon and taking possession of said property, the
collection of such property income, and the application
thereof as aforesaid, shall not cure or waive any default or
Deed of Trust and Assignment of Rents Page 4
•
notice of Trustee' s sale hereunder or invalidate any act
done pursuant to said notice.
11 . That upon default by Trustor in the payment of any
indebtedness secured hereby or in performance of any
agreement hereunder or secured hereby, Beneficiary may
declare all sums and obligations secured hereby immediately
due and payable by delivery to Trustee of written notice
thereof, setting forth the nature thereof, and of election
to cause to be sold said property under this Deed of Trust.
Beneficiary also shall deposit with Trustee this Deed of
Trust and all documents evidencing expenditures secured
hereby to hold the same in trust for Beneficiary.
Trustee shall record and give notice of Trustee' s sale in
the manner required by law, and after the lapse of such time
as may then be required by law, Trustee shall sell, in the
manner required by law, said property at public auction at
the time and place fixed by it in said notice of Trustee' s
sale to the highest bidder for cash in lawful money of the
United States, payable at time of sale. Trustee may postpone
or continue the sale by giving notice of postponement or
continuance by public declaration at the time and place last
appointed for the sale. Trustee shall deliver to such
purchaser its Deed conveying the property so sold, but
without any covenant or warranty, expressed or implied. Any
persons, including Trustor, Trustee, or Beneficiary, may
purchase at such sale.
After deducting all costs, fees, and expenses of Trustee and
of this Trust, including cost of evidence of title in
connection with sale and reasonable attorneys' fees, Trustee
shall apply the proceeds of sale to payment of: All sums and M,
obligations then secured hereby and all other sums due under
the terms hereof, with accrued interest; and the remainder,
if any, to the person or persons legally entitled thereto,
or as provided in A.R.S . Section 33-812 . To the extent
permitted by law, an action may be maintained by Beneficiary
to recover a deficiency judgment for any balance due f
hereunder. In lieu of sale pursuant to the power of sale 2
conferred hereby, this Deed of Trust may be foreclosed in
the same manner provided by law for the foreclosure of
mortgages on real property. Beneficiary shall also have all
other rights and remedies available to it hereunder and at
law or in equity. g All rights and remedies shall be '
cumulative.
If the property under this Deed of Trust is located in more
than one county, regardless of whether the property is
contiguous or not, the Trustee may sell all of said property
in any one of the counties in which part of said property is
located; and, unless Trustee receives contrary written
instructions from the Beneficiary or Trustor, Trustee may
sell all of said property either in parcels or in whole.
Deed of Trust and Assignment of Rents Page 5
i
If the indebtedness or other obligations secured hereby is
secured by one or more other Deeds of Trust, then upon
default of Trustor in the payment of said indebtedness or
performance of or under any other agreement secured hereby,
the Trustee may sell the property subject to the Deed of
Trust and to any other Deeds of Trust securing said
indebtedness and obligations as Trustee' s sale conducted
serially. In the absence of written instructions from the
Beneficiary to the contrary, the Trustee may, in its sole
discretion, designate the order in which property subject to
the various Deeds of Trust is to be sold.
12 . That Beneficiary may appoint a successor Trustee in the
manner prescribed by law. A successor Trustee herein shall,
without conveyance from the predecessor Trustee, succeed to
all the predecessor' s title, estate rights, powers, and
duties . Trustee may resign by mailing or delivering notice
thereof to Beneficiary and Trustor.
13 . That this Deed of Trust applies to, inures to the benefit
of, and binds all parties hereto, their heirs, legatees,
devisees, administrators, executors, successors, and
assigns . The term Beneficiary shall include the owner and
holder of the rights of "Payee" under the Note secured
hereby, whether or not named as Beneficiary herein. In this
Deed of Trust, whenever the context so requires, the
masculine gender includes the feminine and neuter, and the
singular number includes the plural .
14 . The Trustor/Mortgagor hereby waives, releases and discharges
any homestead exemption claimed or declared against the
property under this Deed of Trust.
15 . That Trustee accepts this Trust when this Deed of Trust,
duly executed and acknowledged, is made a public record as
provided by law. Trustee is not obligated to notify any
party hereto of pending sale under any other Deed of Trust
or of any action or proceeding in which Trustor, Beneficiary
or Trustee shall be a party unless brought by Trustee.
Mql
16 . The undersigned Trustor requests that a copy of any notice
of Trustee' s sale hereunder by mailed to him at his address
set forth herein.
17 . Trustor shall send to Beneficiary upon receipt a copyof all
tax, assessment and other notices, bills, statements and
communications from Pima County, Arizona; in addition to
proof of the timely payment of all taxes, assessments, liens
and other amounts affecting or secured by the property under
this Deed of Trust. Trustor shall also send to Beneficiary
proof of compliance with all insurance obligations under
this Deed of Trust and proof of payment for the same.
18. In the event this Deed of Trust or any one or more
provisions hereof shall for any reason be held to be
Deed of Trust and Assignment of Rents Page 6
•
L aBEsa squaJ go quauiubzssy pup gsn1s go paaa
i —.ii��+ii41► +r
sown isqoPo • 1,1- Aa q ON
saItdx3 uo slwwoo AN .,
A)uno3 edo3ew '''
M
°T T qnd A.ZL�.ON suozfaV•mnd MON , . . -8 ' WAN NV
aNV1HV NWf11f1V �'`'
5
1CP I
•Aupduoo ATTTT pTT pa TWT
T
PUOZT.z! UP '3 f1 'uoAur3 auoqs go aac{WaN 'D I 'swaPa 4T Tgaapupn
go aabrupw 'Ta1uTMs;ToM 'Cl uopUPJEI cq 9 00 Z 'laguzaoac ;o App
u.1Z i, STttq am a.zo;aq pe6paTmompp pup oq u.zois 'pagTaosgns
( pdooTi2W go A uno0
•ss :
( puoz z.ty ;o eqPqS
3ZZ 'uoAup3 auogs go aaquiaw
rI : 'swaPa ;TTg1epufn go .zabpuPw :a-DTI
1)
Aurdmo o
IP ICTTITcp.TT pagTuITT PuozTay
1, UP 3 z NOXJ WD HMI S
'
.
•uaggz.zi e oqP gS.xT; e p attq. go SP gsn.zs, ;o paaa
szttq sagnoexa 1ogsn.zs peuEszsaapun ell; 'aoaualim SSENSIM NI
•gsniq eourinssp uoTsTATpgns •
agngzpsqns P oq paha;suPaq aq oq cgaaatt paaaqumaua
Agaado.zd attq q Tuzxad puP :AgaiatI pa.zac .unoua Aqaadoad '
aqq io; aurp oq eurp moa; .zoq snaj, Aq pa s odoid s quemaa.zep
quamdoTaAap pup sgPid TTS oq. ;oalatt uaTT at1-4 agpuzpaogns
T T mitts &.zp z o z j auag •1gaiatt pa.zaqumoua A iado.zd attq
buTgT;auaq .zo oq. Buzqwwa1 suroT uozponzgsuoo pup ivamdoTeAap
'buTouruT;1 'uo-pTsTnbop 103 uoTTequauinoop AgTanoas oq
pagPuzpaogns ' aq oq goa.zatt ueTT attl esneo TTPtts AaPTDT3auag ' 0 Z
•;oe.zatt ua z T ettq. 1110.1; 4 sn.zs ;o paaa s zip
cq pa.zaqumoua A 1adoad attq ( „asPaTaH„ ) AeAuooa1 pur aspaTai
oq. pa.zaModma Aga.zatt sz eagsnis, 'A.zxzoz;auag atm Aq aoz.za
espaTall att. ;o gdzaoa1 paT;TaaA uodn •AgzTppn aeqPM AeTTPA
o10 atm oq e q AAd appuz aq T Trtts qunoui2 pTPS ' (.90-Tad
esPeTall„) A 2T31;auea attp oq pTPd eq TTPtts (00 ' 000 '0T$)
S12TToa 00T/ou puP puisnot[ uas, go ums atm '1ga.zatt
pa.zagumoua A iadoid attq 103 aTps ;o esoTo eq-4 uodn 'gsn1s
o paaa s Tt[ ;o suo T s TAOId buz oBeao; egTpueq Sttq.T oN ' 61
•ogaiatt saTgaPd iattpo TTP gsuTPBP aTgPao.zo;ua
pup uodn FuzpuTg uTsme1 TTpgs gsn1s, JO paaQ sTqq. pup 'uza.zatt
pagz.zosap 10 oq paaaa;1 10 oga.zatt AgaPd P uaaq .zaAeu
pptt Aq.zxd tions 10 'TTa.zaq peuTPquoo uaaq .zaAau pptt uo T s mold
e gpeo.zo;uaun 10 TPBaTTT .zo PTTPAuz tions 3-t SP pen.zgsuoo eq
TTptts gsn.zs go paaa STgg qnq 'fg12d lat[3o hum og uoTgpoTTdd2
1 z ettq 10 q sn1,I, ;o paaa s zttq go Suo z s TAoad 1agq o 1 uP
goaggP qou TTptts AgTTTgpao.zoguaun 10 AgTIPBeITT '1gTPTTPnuT
tions 'uzaaaq pagTaosep 10 oq p91123a1 .zo oga.zatt 1g1Pd Aug
oq sv 10 'goadsa1 iuP uT eTgPaoio;uaun 10 TP5eTTz 'PTTPAuT